NextChem, the Maire Tecnimont Group’s subsidiary dedicated to green chemistry and energy transition technologies has signed a Memorandum of Understanding with Indian Oil Corporation Ltd., to promote the implementation of industrial circular economy projects in India.
The projects will be based on technologies developed by NextChem and focus on plastics recycling, producing biofuels from renewable feedstock and circular fuels and chemicals from non-recyclable waste
"We are really proud to be partner of choice in the first industrial initiative in India’s circular economy sector with such an historical and prestigious player as Indian Oil Corporation,” said Pierroberto Folgiero, CEO of Maire Tecnimont Group and NextChem.
IndianOil is India’s national integrated oil company with business interests across the entire energy value chain in oil, natural gas and others. This memorandum is one of the strategic collaboration initiatives between India and Italy that will be presented during the bilateral digital summit to be held this week between the countries’ two Prime Ministers.
Last year, IndianOil launched its Plastics Neutrality initiative with the aim of establishing an ecosystem where plastics waste is recycled back into the plastics economy. Among other things, the company has explored the potential of using plastic waste to produce a specialised bitumen that can be used for construction of roads and highways. It also expressed interest in finding partners to supply the single-use plastic waste needed to produce the new bitumen products.
Under the agreement with NextChem, IndianOil will investigate the possibilities to valorise the waste using Nextchem’s upcycling and waste-to-chemicals solutions. The company is also looking to add recycled resins to its existing portfolio of virgin polymers.
NextChem is developing several technological solutions for Indian Oil designed to generate value from waste, with the ultimate goal of developing and commercialising a portfolio of sustainable technologies.